Swedbank, Coral Beach hearing is called off
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Receivership looms: A sign and logo of Swedish lender Swedbank.
A Supreme Court hearing expected to put Coral Beach Club in receivership by mortgagee Swedbank was postponed yesterday.
Swedbank AB New York Branch versus Brickman Properties was due to be heard in Commercial Court at 11am, but it is understood it was cancelled due to legal issues over documents.
With the receivership looming, Coral Beach’s future as a private club remains unclear.
New York-based Brickman purchased the CBC and Horizons leases from ultimate owners, George Wardman’s company, with a loan which ended up being held by Sweden’s Swedbank.
As part of the lease purchase, Brickman also agreed to annual rental payments of $1 million for the Horizon lease and $1 million for the CBC lease for the next 45 years of the lease,.
A group of members has been looking at buying the club, but it is understood Swedbank will only sell the two leases as a package.
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Published Feb 15, 2013 at 8:00 am (Updated Feb 14, 2013 at 7:17 pm)